PRESS RELEASE: Publicity is the best way to protect property from raiders, says Robert Dix

Kyiv, November 8, 2011. Robert Dix, the representative of the Swedish company QHS, Quinn Holdings Sweden AB – the majority shareholder (owns 92.75%) of Univermag "Ukraina" (Department Store "Ukraine") – said that QHS has decided to ensure there is the maximum publicity concerning the actions by QHS to protect its assets in Ukraine. "We intentionally decided to make the matter public, open to civil society and the business community of Ukraine. We stand firmly against 'under-the-table' solutions to the issues, and consider them totally unacceptable. Therefore, we will engage in a dialogue with the other party through the media, and this will be the way to protect our investments in Ukraine," Dix said today after a court hearing in the Commercial Court of Kyiv. Today the court hearings took place concerning the lawsuit of YurBiznesKonsalting vs. Quinn Holdings Sweden AB aiming to recover UAH 1.8 million in fees for allegedly provided legal services. Judge Sergiy Stanik, who was assigned to the case through the system of random distribution, satisfied the plaintiff's claim. As a result of this decision, all of the shares of Quinn Holdings Sweden AB have been seized. The market value of shares is estimated at over $50 million. Despite its obvious interests in the case, the plaintiff ignored the hearings and no representative of YurBiznesKonsalting made an appearance in court. As a result, Judge Sergiy Stanik decided to reschedule the hearings for November 30, 2011. Dix stated that he had heard about the increase of raiders' activity in Ukraine. This, however, was the first time that he felt there was a real possibility of the loss of QHS assets in Ukraine, he said. "We understand, that both truth, justice, and the right to engage in free and fair entrepreneurial activity, as well as the firm position of the government and of the prime minister personally, who has promised to put an end to the shameful practice of property raids in Ukraine, are on our side," he added. Quinn Holdings Sweden AB was founded in 2005 and is headquartered in Stockholm. Quinn Holdings Sweden AB (QHS) is the majority shareholder of PAT Univermag Ukraine, a publicly held company in Kyiv, Ukraine. Currently QHS holds nearly 93% of the company's stock. For additional information, contact: Oleksiy Syvak, Senior Advisor, CFC Consulting (+38044) 492-7599 or [email protected]
The press release has been issued on commercial terms. The Interfax-Ukraine News Agency is not responsible for its contents.